Ripple Gears Up For Stablecoin Launch With Latest RLUSD Burns

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Ripple, the cross-border payment remittance firm, recently revealed its plans for launching the Ripple USD (RUSD) stablecoin. The stablecoin plans to connect global financial firms and institutions and enable cross-border payments through its stablecoin on the XRP Ledger (XRPL) and the Ethereum mainnet. 

The crypto community and the XRP enthusiasts have been counting days for the launch of Ripple’s stablecoin, RLUSD. As per the recent reports, the launch is not far away and could take place in just a few weeks. 

64 RLUSD Burned

Amidst the news around this launch phase, the Ripple stablecoin tracker in a tweet revealed that 64 RLUSD were burned at the RLUSD Treasury. 24 RLUSD were burned on the XRP Ledger (XRPL) blockchain and 64 RLUSD on the Ethereum-based blockchain. The fact that Ripple’s stablecoin will operate on both networks simultaneously was also immediately known. 

However, the top managers of the crypto company do not exclude the possibility of the launch on other networks. The issue size and whether it will be limited is not clear yet. 

Ripple Eyeing For A Bigger Market Share

Notably, Ripple is aiming for a bigger share of the stablecoin market, which is expected to reach $2.8 trillion by 2028. This is although the entire crypto market capitalization is currently valued at just over $2 trillion.

It will be gripping to see what comes next for Ripple USD in the beta testing process. Unquestionably, Ripple now wants to refine the minting process and token burning as much as possible to enter the market with full confidence.

What do you think? Will Ripple attract a bigger share of the stablecoin market and prove to be a dominant player in the space? Stay Tuned for further updates